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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
PREMIUMS EARNED AND OTHER REVENUES    
Direct premiums written $ 334,553 $ 289,234
Change in unearned premium (8,602) 6,143
Direct premium earned 325,951 295,377
Ceded premium earned (105,122) (85,650)
Premiums earned, net 220,829 209,727
Net investment income 6,834 8,142
Net realized gains (losses) on investments 299 (11,525)
Net change in unrealized gains (losses) of equity securities (8,024) 18,032
Commission revenue 7,015 5,505
Policy fees 5,540 5,021
Other revenue 2,782 1,684
Total premiums earned and other revenues 235,275 236,586
OPERATING COSTS AND EXPENSES    
Losses and loss adjustment expenses 135,048 113,094
General and administrative expenses 72,643 69,748
Total operating costs and expenses 207,691 182,842
INCOME BEFORE INCOME TAXES 27,584 53,744
Income tax expense 7,517 13,596
NET INCOME $ 20,067 $ 40,148
Basic earnings per common share (in dollars per share) $ 0.62 $ 1.16
Weighted average common shares outstanding - Basic (in shares) 32,591 34,741
Diluted earnings per common share (in dollars per share) $ 0.61 $ 1.14
Weighted average common shares outstanding - Diluted (in shares) 32,731 35,206
Cash dividend declared per common share (in dollars per share) $ 0.16 $ 0.16